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Google Announces Android Pay

Google unveiled a new digital wallet service called Android Pay on Thursday, according to multiple news reports.

Wired reports that Android Pay will function much like Apple Pay, which launched in October. Android Pay is also expected to supplant Google Wallet—Google's existing mobile payments service that has a more limited reach, according to Wired.

While services such as Android Pay and Apple Pay are largely focused on business-to-consumer transactions, there could be more usage in the business-to-business market as well, according to a report from CFO Magazine earlier this month.

Thomas Husson, vice president and analyst at Forrester Research, told CFO that he believes "mobile payments are not just restricted to the B2C space," adding that he expects to see opportunities in the B2B market, particularly among smaller companies.